Gold Mining ETF (GDX) Hits New 52-Week High
For investors seeking momentum, VanEck Gold Miners ETF GDX is probably on the radar. The fund just hit a 52-week high and has moved up 55% from its 52-week low of $28.91 per share. Are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:GDX in FocusMarket Vectors Gold Mining ETF is the most popular and actively traded gold miner ETF. It offers exposure to 63 companies involved in the gold mining industry. GDX charges 51 bps in fees per year (see: all the Materials ETFs here).Why the MoveThe gold mining sector of the broad stock market has been an area to watch lately, given the surge in the metal’s price. The bullion extended its solid rally after reaching $3,000 for the first time last week amid the ongoing trade tariff disputes and recessionary fears, which spurred demand for the yellow metal as a safe-haven investment option. Additionally, the resurgence of bets that the Fed will cut rates more than expected this year has fueled the gold price.More Gains Ahead?GDX has a weighted alpha of 50.73 and a 20-day volatility of 31.01%, which shows that there is still some promise for investors who want to ride on this surging ETF.Want key ETF info delivered straight to your inbox?Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.Get it free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report VanEck Gold Miners ETF (GDX): ETF Research ReportsThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks
Quelle: Zacks
